In the third quarter, Yoox Net-A-Porter Group (YNAP) recorded consolidated net revenues, net of returns and customer discounts, of 481.8 million euros (558 million dollars), up 17.7 percent on an organic and 10.7 percent reported basis. This quarterly performance contributed to net revenues of 1.5 billion euros (1.7 billion dollars) in the first nine months of 2017, up 18.6 percent on an organic and 13.8 percent reported.
In the third quarter of 2017, the multi-brand in-season business line, which includes Net-A-Porter and Mr Porter, recorded consolidated net revenues of 235.9 million euros (273 million dollars), up 16.8 percent on an organic basis. Including the performance of The Corner and Shoescribe – which were discontinued on August 31, 2016 – the in-season business line grew 15.5 percent at constant exchange and 9.7 percent reported.
This quarterly performance resulted in net revenues of 788.9 million euros (914 million dollars) in the first nine months, up 18.8 percent on an organic and 11.9 percent on reported basis.
In the third quarter, the multi-brand off-season business line, which includes Yoox and The Outnet, registered consolidated net revenues of 203.6 million euros (236 million dollars), up 17.4 percent at constant exchange and 14.4 percent reported translating into net revenues of 585.3 million euros (678 million dollars) in the first nine months of 2017, up 18.3 percent at constant exchange and 17.9 percent reported.
The online flagship stores business line includes the design, set-up and management of the online flagship stores of some of the leading global luxury fashion brands, including Armani.com and Chloe.com. In the third quarter, the gross merchandise value of this business line increased by 24.8 percent on an organic basis. After accounting for the negative net perimeter effect resulting from discontinuations, the segment achieved consolidated net revenues of 42.3 million euros (49 million dollars), up 4.8 percent at constant exchange rates and decline of 0.1 percent reported.
In the third quarter, the UK achieved net revenues of 63.8 million euros (73 million dollars), up 20.1 percent at constant exchange and 13 percent reported, due to the depreciation of the euro/sterling exchange rate. This marks a significant acceleration over the second quarter of 11.7 percent at constant exchange rates, driven by the group’s multi-brand online stores. This result translated into net revenues of 202.3 million euros (234 million dollars) in the first nine months, up 15.1 percent at constant exchange and 5.5 percent reported.
North America posted third-quarter net revenues of 138.6 million euros (160 million dollars), up 10.3 percent at constant exchange and 4.3 percent reported, reflecting the sharp depreciation of the euro/US dollar. In the first nine months, net revenues increased by 15 percent at constant and current exchange rates to 461.1 million euros (534 million dollars). Italy posted another solid performance in third quarter driven by Yoox, with net revenue rise of 14.2 percent at constant exchange and 14.1 percent reported). This result contributed to net revenues increasing by 12.9 percent at constant exchange and 12.7 percent reported in the first nine months of 2017.
This improving momentum, YNAP said, continued in Europe (excluding Italy and the UK), with third-quarter net revenues totalling 134.7 million euros (156 million dollars), accelerating to 17.5 percent at constant exchange and 16.8 percent reported. This resulted in net revenues of 401.6 million euros (465 million dollars) in the first nine months, improving by 12.3 percent at constant exchange and 13.5 percent reported.
Third-quarter net revenues in Asia Pacific totalled 82.2 million euros (95 million dollars), up 14 percent at constant exchange, 7.1 percent reported). This result mainly reflects continued positive momentum in Hong Kong. Net revenues of 260.7 million euros (302 million dollars) in the first nine months rose 25.5 percent at constant exchange and 21.7 percent reported. Finally, rest of the world net revenues of 28.5 million euros (33 million dollars) in the third quarter and 91.8 million euros (106 million dollars) in the first nine months increased respectively 24.9 percent and 16.5 percent at constant exchange and 18.1 percent and 8.7 percent reported.
In light of the results achieved to date and the foreseeable performance of November and December, in fiscal year 2017, YNAP Group expects to achieve organic net revenue growth in line with its strategic plan, at the lower end of the 17 percent – 20 percent range. The group anticipates to grow adjusted EBITDA, with a margin on net revenues broadly in line with the previous year.
YNAP
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